Busted brokers continue bilking clients at new firms
Broker-dealers don’t blow the whistle loud enough, observers say

Stock Broker Arbitration Claims Up 49% From 2007

If your stockbroker sold you improper, excessively risky investments, or — failed to disclose the riskiness of what appeared as an otherwise conservative investment, and as a result you lost your shirt — then today’s story will be especially relevant.

You and the Law: Legal claim against stockbroker

J.P. Turner Fined $250,000 for Failing to Supervise Commissions Charged on
Stock Trades
Washington, D.C. - The Financial Industry Regulatory Authority (FINRA)
announced today that it has imposed a $250,000 fine against J.P. Turner &
Company, LLC of Atlanta, GA, for failing to have an adequate supervisory
system designed to ensure that its registered representatives charged
customers fair and reasonable commissions [...]

The Guiliano Law Firm Launches Securities Fraud Investigation Against Wall Street Firms
 
Philadelphia, PA (MarketWire) November 6, 2008 – The Guiliano Law Firm, P.C., a leading securities lawyer firm in Philadelphia, Pennsylvania announced today it is actively investigating and pursuing securities fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of securities.
 
Investment [...]

Last August, Wall Street firm Morgan Stanley and one of its senior
traders agreed to pay $6.1 million in fines and restitution to settle
allegations that the investment bank overcharged brokerage customers on
2,800 purchases of $59 million of bonds.

Regulators investigating the case had a crucial inside source: Dana de
Windt, a broker at the aquamarine, glass Morgan Stanley branch nestled
among back-pain and varicose-vein-removal clinics in this small city on
Florida’s east coast…

A group of investors filed a class-action lawsuit on January 15, 2008 seeking nearly $500 million dollars in damages from Morgan Stanley, alleging their broker, Michael James Kazacos, gave them fraudulent investment advice and made false promises to Eastman Kodak retirees that never materialized.

Testimony of Tanya Solov
Director, Illinois Securities Department
Illinois Secretary of State
On behalf of the North American Securities Administrators Association
Before the
United States Senate Committee on the Judiciary
Constitution Subcommittee

“S. 1782, the Arbitration Fairness Act of 2007″

December 12, 2007

Chairman Feingold, Ranking Member Brownback, and Members of the
Subcommittee,

I am Tanya Solov, Director of the Illinois Securities Department and I am
honored to convey the North American Securities Administrators Association’s
(NASAA)1support for S…

Washington, DC